Maui?s Ritz-Carlton, Kapalua acquired by Woodridge Capital
The Ritz-Carlton,?Kapalua Resort?on Maui has been sold to Los Angeles-based firms Woodbridge Capital Partners and?Colony Capital, and its affiliates including Colony Financial, for an undisclosed price.
Previous reports said that the hotel was expected to sell for more than $200 million.
The new owners say they intend to make further investment to enhance the resort, which will continue to be operated by The Ritz-Carlton Hotel Co.
?The combination of The Ritz-Carlton brand, a welcoming and nurturing Hawaiian culture and the nature and magic of Maui will make an unbeatable combination,? Colony Capital Chairman and CEO?Thomas Barrack, Jr.?said in a statement.
Built in 1992, the luxury hotel in West Maui?s Kapalua Resort has 463 guestrooms, including 107 residential suites.
It underwent a $190 million renovation in 2007, including the introduction of The Ritz-Carlton residences.
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